The Nation Newspaper

Category: Equities

  • ABCON seeks SEC’s guidance, collaboration in harmonising digital currency

    ABCON seeks SEC’s guidance, collaboration in harmonising digital currency

    The Association of Bureaux De Change Operators of Nigeria (ABCON) has called for Securities and Exchange Commission (SEC’s) guidance and collaboration in harmonising peer-to-peer (P2P) forex sector in the country.

    In an official courtesy visit to the newly appointed SEC Director-General, Dr. Timi Agama, the President of Association of Bureau de Change Operators of Nigeria, ABCON, Aminu Gwadabe congratulated the SEC D-G on his appointment by Mr President his excellency Bola Ahmed Tinubu and quickly highlighted that SEC regulates the sector that is a threat to the continued existence of BDCs in Nigeria through online virtual transactions platforms which gives access to millions of Nigerians to trade in foreign exchange without trace and accountability.

    He also explained that ABCON has invested in requisite technology to ensure the continued existence of the business and preserve the integrity of the sub-sector. He opined that the future of BDC’s business is digital currency. The National President of ABCON said that the meeting with the SEC DG and the present executive board of the SEC was a follow up on the earlier online virtual consultation.

    Gwadabe said: “ABCON is the umbrella body for all licensed retail foreign exchange dealers, which came into existence in 1991. Our objective is to liaise with our regulators, relevant stakeholders and security agencies as one cannot divorce the retail exchange market from the ecosystem of foreign exchange market seeing that BDC market is global and have been in operation before our independence. It has been there before the creation of the central bank of Nigeria”.

    Gwadabe explained that the system came under regulation in 1986 during the administration of former President Ibrahim Babangida, who felt the need to formalise the sector through the issuance of license by the then ministry of finance with the objective to formalising the informal sector.

    Gwadabe said that as at today there is over 34 million Nigerians dealing in digital currency and the number is rising by about 9% with a huge market of $9billion annually and there are thousands of multichannel virtual currency fx platforms and none is indigenous to Nigeria. P2P represents individual to individual transaction. · He emphasised that innovation can only be guaranteed on trust.

    Dr Timi Agama the SEC DG responded with a robust understanding of the ABCON chairman’s speech

    He said: “I understand that ABCON is desirous of setting up a digital market platform with the intention to be part of the emerging digital currency ecosystem in Nigeria. We at the SEC are open to help the sector grow for the love of the country therefore there will be meetings with the relevant departments of the SEC to detail methods and strategies that will strengthen the Naira through necessary innovative ideas as shared by ABCON.”

    Read Also: NLC, TUC warn FG not to touch pension fund

    “The SEC DG also reiterate that there are new rules put in place to accommodate local intellectuals to develop digital platforms therefore the SEC will cooperate with ABCON in order to achieve the desired objectives. Dr Timi who is highly knowledgeable about the virtual currency market and the market makers directed that proposed ABCON presentation and the development of ABCON digital market model named Koletyomoni to be finalised as quickly as possible as there are other interests working underground and should be forwarded to SEC technical team for study and timely review. Dr Timi did not forget to emphasise on the powers of the government through the SEC and that the agency will not hesitate to use its powers where necessary to keep sanity in the issuance, marketting and trading of securities in Nigerias capital market”.

    ABCON’s technical partner Mr Oluwasegun Kosemani thanked the DG Dr Timi and his intelligently experienced SEC team which had oMr Wale Ajomale for their warm reception and listening to ABCON while making it known to SEC that much resources have been allocated to the research and development of the platform and that we are working on collaborating with every emerging verifiable blocks of the blockchain and cryptocurrency ecosystem in Nigeria like BICCoN, CDIN, SIBAN, DCC, Bitcoin organisations, local peer to peer exchanges and merchants etc.

    He continued by saying ABCONs wealth of experience, operations, KYC, Compliance AML all combined in developing the platform which the main objective is to harmonise data, ensure all digital FX merchants whether USDT, crypto-bitcoin come under a very viable and visible platform that would discourage foul play and certainly government would receive substantial revenue from the transparent legitimate transactions the platform will be facilitating by way of convenience of use tax paid by the operators and clients.

  • NACCIMA chief, others for 2024 Nigeria Build Expo

    NACCIMA chief, others for 2024 Nigeria Build Expo

    President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Oyeà, is among guests expected at the 2024 Nigeria Build Expo scheduled to take place between May 21 and 23, at the Landmark Centre, Victoria Island, Lagos.

    In its eighth edition, the international construction, building material and technology exhibition will bring together the finest minds in the construction industry, cutting-edge technologies, and innovative solutions under one roof to review the progress and challenges and chart a better path for the growth of the built environment among others.

    According to the organisers, Oye will represent the voice of the Organised Private Sector at the workshop and will deliver a goodwill message at the event.

    The workshop, described as West Africa’s largest construction industry exhibition, will host 4400 visitors from 15 countries, 29 panel sessions, and 145 brands across the globe and among others, to showcase the latest products and services in the construction industry.

    Read Also: FG denies alleged plans to access Pension Funds

    The NACCIMA President will, among other things, share valuable insights and recommendations for the sustainable and inclusive development of the built environment sector, rallying stakeholders for action and partnerships for accelerated progress.

    With a profound understanding of the legal and regulatory frameworks governing businesses and a wealth of experience in providing strategic advice to navigate complex challenges, Oye is positioned as an authority in the sector, and his insights and contributions will further enrich the discussion, providing valuable guidance for industry stakeholders.

  • Access Bank, Mastercard open up African cross-border payments

    Access Bank, Mastercard open up African cross-border payments

    Access Bank Group and Mastercard have launched a unified cross-border money movement solution across various African markets, enabling businesses and consumers to send and receive international payments across more than 150 countries.

    Under the partnership, Access Bank will provide a fast, assured-value, transparent and traceable payment origination and delivery solution at competitive rates and with a greater choice to the customer.

    The partners said the collaboration underlines their commitment to the African economy by providing a financially inclusive solution that optimises liquidity and capital in the markets and reduces international transaction costs incurred by businesses and consumers while making and receiving international payments.

    By leveraging the network and treasury capabilities of Mastercard Move, Access Bank, through its cutting-edge Access Africa platform, shall empower individuals and businesses to enjoy instant, traceable, seamless, and cost-effective international transactions.

    The newly launched solution has become operational across Africa, with expansion plans in place for further penetration across the continent.

    Read Also: Shettima charges pilgrims on global diplomacy, positive Nigerian values

    The solution offers a global gateway for businesses and individuals that are leveraging Access Bank Group’s deep understanding of the African markets and forward-looking vision that aims to realise customers’ aspirations through innovative product sets.

    Stitching together Mastercard’s multiple complementary network assets and the treasury capabilities of Mastercard Move, this collaboration offers customers more choices with their payment means.

    Cross-border remittances continue to play an important role in Africa’s economy, with flows to Sub-Saharan Africa increasing by approximately 1.9 per cent in 2023 to $54 billion as a result of strong remittance growth in Mozambique, Rwanda and Ethiopia, with Nigeria accounting for 38 per cent of the remittance flows.

    In 2024, remittance flows to the region are projected to increase by 2.5 per cent. B2B Cross Border payments serve as a lifeline to a large section of businesses who are reliant on regional and international trade to fuel the growth of the African economies.

    Group Deputy Managing Director, Access Bank, Chizoma Okoli, said that Access Bank’s partnership with Mastercard is a testament to the strong alliance between the two organisations notable for innovation and customer-centered approach.

    Okoli noted that Access Bank and Mastercard have partnered on several initiatives, including the National Identity Smart Cards, Live B3ta, Prepaid cards, Access Pay and more.

    “The unified cross-border money movement solution we are launching today cuts across various African markets where Access Bank operates, and we are working in compliance with the regulatory requirements of each of these countries. Access Bank remains a regulatory compliant entity. Our customers should expect speedy transactions through the unified cross-border money movement solution, like we have done with other solutions,” Okoli said.

    Senior Advisory, Retail Banking, Access Bank, Robert Giles said the bank was thrilled to collaborate with Mastercard to advance financial inclusion in Africa through the Access Africa initiative.

     “By combining our strengths, we can unlock new opportunities, bridge the financial divide, and create a more inclusive and prosperous future for all Africans,” Giles said.

    According to him, customers in Access Bank’s operating countries in Africa, are now enabled to send and receive cross-border payments globally through to and from various channels including bank accounts, mobile wallets, cards, and cash.

    Division President, Africa, Mastercard, Mark Elliot, said empowering Access Bank customers with innovative solutions that prioritise choice, security, and flexibility was an achievement that filled the company with great pride.

    “This collaboration signifies our commitment to transforming payment experiences as it not only brings cutting-edge payment solutions to the bank’s diverse clientele, but also extends the reach of Mastercard’s financial and digital ecosystem, ensuring millions from underserved communities can actively participate in the evolving financial and digital economy,” Elliott said.

    Country Manager, West Africa, Mastercard, Folasade Femi-Lawal, said that Mastercard’s partnership-led approach has helped the company establish a strong presence in West Africa and Sub-Saharan Africa.

    She added that with Access Bank on board, the customers will enjoy Mastercard cross-border services which allow individuals and businesses to send and receive money securely to 90 per cent of the world’s population.

    According to her, the service is part of the Mastercard Move portfolio of money movement capabilities, which can move money domestically and internationally to various endpoints, including bank accounts, digital wallets, cards, and cash.

    Fable Fintech, an Express Partner of the Mastercard Move Partner Program, was the technical implementation partner of the solution, effectively collaborating with both Access Africa and Mastercard Move experts.

    Co-Founder and Chief Executive Officer, Fable Fintech, Naushad Contractor said it was a fortunate thing to be the fulcrum of the seamless multi-country integration of one of the largest banks in Africa using the network and resilience of Mastercard’s cross-border assets.

    “We look forward to working on more innovative solutions that will empower the lives of African customers and businesses,” Contractor said.

    The partners noted that the groundbreaking collaboration represented a significant step towards creating a more inclusive financial ecosystem in Africa, with both parties determined to continue actively leveraging their collective strengths, resources, and expertise to drive meaningful change and financial inclusion for millions across the continent.

  • Equities open with N297b loss

    Equities open with N297b loss

    Nigerian equities reopened yesterday with a streak of profit-taking on a day the federal government issued high-yielding bonds.

    Benchmark indices at the Nigerian Exchange (NGX) indicated average decline of 0.53 per cent, equivalent to net capital depreciation of N297 billion.

    With government and companies actively raising yields at the fixed income market, investors appeared to be locking in profits and increasingly realign their portfolios in favour of debt issues.

    Analysts at United Capital said they expected activities in the fixed income market to continue to stand as a strong demotivator toward equities investments.

    “We expect April, 2024 Inflation report to stand as a key economic data that investors will watch out for this week,” United Capital stated, referencing the Consumer Price Index (CPI) report, which is scheduled for release tomorrow by the National Bureau of Statistics (NBS).

    The All Share Index (ASI)- the value-based common index that tracks all share prices at the NGX, declined from its opening index of 98,233.76 points to close at 97,708.74 points. Aggregate market value of all quoted  equities dropped simultaneously from its opening value of N55.562 trillion to close at N55.265 trillion.

    The overall negative performance was driven by price depreciation in large and medium capitalised stocks such as Seplat Energy, NASCON Allied Industries, PZ Cussons Nigeria, eTranzact International and United Bank for Africa (UBA).

    Read Also: Fubara to raise probe panel on Wike’s govt

    There were 24 losers to 19 gainers. Seplat Energy led the losers’ chart by 10 per cent to close at N2,962.30 per share. PZ Cussons Nigeria followed with a decline of 9.91 per cent to close at N25. eTranzact International lost 9.68 per cent to close at N5.60 per share. Unity Bank lost 8.20 per cent to close at N1.68 while NASCON Allied Industries declined by 7.50 per cent to close at N37.

    On the positive  side,  Tantalizers and The Initiates Plc (TIP) recorded the highest gain of 8.70 per cent each to close at 50 kobo and N2.50 respectively. Sterling Financial Holdings Company followed with a gain of 5.38 per cent to close at N4.70 per share. Ikeja Hotel rose by 5.37 per cent to close at N4.70 while University Press rallied by 4.65 per cent to close at N2.25 per share.

    The momentum of activities meanwhile improved as total turnover rose by 27.51 per cent to 439.100 million shares valued at N11.377 billion in 8,607 deals. Notore Chemical Industries topped the activity chart with 74.426 million shares valued at N4.652 billion. Access Holdings followed with 43.054 million shares worth N749.944 million. Universal Insurance placed third with 38.332 million shares valued at N13.949 million. UBA traded 37.276 million shares valued at N903.088 million, while Regency Alliance Insurance transacted 31.994 million shares worth N10.276 million.

  • Access Bank appoints board members for Sierra Leonean subsidiary

    Access Bank appoints board members for Sierra Leonean subsidiary

    Access Bank Sierra Leone Ltd (Access Bank (SL) Ltd) has appointed new members unto its board of directors as the bank continues to implement its transformation strategy.

    The new non-executive directors included Maurice Cole, Nsikak Usoro, Michala Mackay, Ibrahim Lamin and Kolawole Ajimoko. Cole will chair the board, succeeding Alice Onomake.

    Access Bank stated that the new directors would further strengthen the bank’s leadership team and advance the implementation of its growth and transformation strategy.

    According to the bank, these appointments also reflected the bank’s commitment to fostering growth and development while maintaining the highest standards of governance and stewardship.

    The bank noted that the the appointees boast a wealth of expertise from diverse sectors, including banking, telecommunications, corporate governance, compliance, and finance.

    :Their combined experience and vision will contribute to shaping the future trajectory of Access Bank (SL) Ltd,” Access Bank stated.

    Read Also: Tinubu promises to end gender-based violence, promote girl-child’s education

    Country Managing Director, Access Bank Sierra Leone Ltd, Ganiyu Sanni, said the bank remains committed to excellence, transparency, and accountability as it embarks on exciting new chapter.

    “We are thrilled to welcome our new executives to Access Bank (SL) Ltd. Their leadership and vision will be invaluable as we navigate through challenges and pursue sustained success,” Sanni said.

    While commending outgoing chairman, Onomake, Sanni said the bank looks forward to leveraging the collective expertise of its leadership team to drive innovation, foster growth, and create lasting impact for its customers and communities.

    Access Bank noted that as part of its continued growth strategy, the bank is focused on mainstreaming sustainable business practices into its operations.

    The bank assured that it will strive to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams.

  • Access Holdings assigns N427m shares to senior executives

    Access Holdings assigns N427m shares to senior executives

    Access Holdings Plc has awarded about 24 million ordinary shares worth N427 million to its senior executives as part of the group’s compensations for their leadership roles.

    The recipients of the shares, which were crossed at the Nigerian Exchange (NGX), included Acting Group Chief Executive Officer of Access Holdings, Bolaji Agbede, Managing Director of Access Bank, Roosevelt Ogbonna and six others.

    A total of 23.8 million ordinary shares worth N427.13 million were awarded to some of the group’s senior executives and executives of Access Bank, its flagship subsidiary. This was in pursuant of the terms of its shareholders’ approved employees’ performance share plan.

    According to the regulatory filings, Ogbonna got the highest amount of shares totalling 12.35 million shares worth N220.37 million, with the shares crossed at N17.85 per share. Agbede was vested with 2.22 million shares valued at N39.795 million.

    Read Also: Nigeria’ll soon take place in comity of nations — First Lady

    Other directors, who had shares vested include Seyi Kumapayi, Executive Director, African Subsidiaries, Access Bank, with 1.23 million shares worth N22.16 million; Iyabo  Soji-Okusanya, Executive Director, Commercial and Investment Banking Division, Access Bank, with 1.69 million shares worth N30.36 million, and Chizoma Okoli, Access Bank’s Deputy Managing Director, Retail South, who got 1.73 million shares valued at N30.85 million.

    Others also included Dr Gregory Jobome, Executive Director, Risk Management, and Hadiza Ambursa, Executive Director, Commercial Banking, who received 1.73 million shares valued at N30.85 and N31.02m respectively and Access Holdings’ Company Secretary, Sunday Ekwochi, who was vested with 1.21 million shares worth N21.72 million. The shares were vested on May 3rd and May 6th. The vesting of the shares is not a purchase or sale transaction in the context of the Exchange’s Rules.

    Shareholders of Access Holdings had at their annual general meeting increased the issued share capital of the company from N17.773 billion of 35.545 billion ordinary shares of 50 Kobo each to N26.659 billion of 53.318 billion ordinary shares of 50 kobo each by the creation of additional 17.773 billion ordinary shares of 50 Kobo, ranking pari-passu with the existing ordinary shares of the company.

  • TotalEnergies to empower young entrepreneurs in Nigeria, 31 African countries

    TotalEnergies to empower young entrepreneurs in Nigeria, 31 African countries

    • Marks 100th anniversary with innovative contest

    TotalEnergies Nigeria yesterday reaffirmed its commitments to the development of young entrepreneurs and innovations in Nigeria and other African countries as part of efforts to boost long-term sustainable growth.

    The company launched the 2024 edition of its Startuppers challenge which supports young and innovative businesses in Nigeria and other 31 African countries.

    The challenge was launched virtually at an event attended by the Managing Director of TotalEnergies Nigeria, Mr Matthieu Bouyer and other executives of the energy company.

    The 2024 edition of the challenge would be used to commemorate the 100th anniversary of the multinational energy company.

    With this, the company will empower 100 businesses across 32 African countries with N8 million cash prize, personalised coaching and media representation.

    “The aim of this 4th edition is to support and encourage young African entrepreneurs to innovate and bring their projects to reality in their country of application,” the company stated.

    Read Also: Why we proposed N615k as minimum wage, by NLC boss Ajaero

    General Manager, Total Country Service, TotalEnergies, Mrs Adesua Adewole, said registration for the challenge would open on May 13th and close on June 18th, 2024.

    100 startups would be selected at first before  15 finalists would be selected. The shortlisted businesses would pitch to a jury made of experts who will select winners across three categories.

    “In December, we will have 100 businesses to celebrate in Africa. In past edition, we had  only six winners who were invited to Paris but this year, we will have 100 winners who will be going to selected location where they will be celebrated,” Adewole said.

    She added that Africa was special to TotalEnergies hence the focus.

    “Africa is special to us. When you look at Africa, our youths make up 60 per cent, they are the ones who will develop he continent, so we streamlined this to them to help them develop their businesses or ideas, scale up and become the business leaders of tomorrow,” Adewole said.

  • Shareholders approve Unilever Nigeria’s N4.3b dividend

    Shareholders approve Unilever Nigeria’s N4.3b dividend

    Shareholders of Unilever Nigeria yesterday approved payment of N4.3 billion as cash dividends for the 2023 business year.

    Specifically, the company recorded an impressive growth in revenue to N103.9 billion in 2023, representing a 51.3 per cent growth compared to N68.6 billion recorded in 2022.

    Speaking at the company’s annual general meeting, Acting Chairman, Unilever Nigeria Plc, Mr. Micheal Ikpoki expressed appreciation to all shareholders for their support throughout the year despite the challenging environment in the last year.

    Read Also: Nigeria’ll soon take place in comity of nations — First Lady

    This is just as he promised that the board and management will continue to put in their best in fostering growth and navigating the tides as the Company steers toward more successes.

    “Our resolve as a business is to continue to take strategic decisions that will improve our operational efficiencies to meet citizens’ needs through our brands, our people, and our operations.” 

    According to the financial statement of the Company, profit after tax for the year under review grew to N16.4 billion from N5.4 billion in 2022.

    The shareholders approved the dividend at 75kobo per share, an increase from the 25kobo declared in 2022. The shareholders appreciated this growth and reaffirmed their belief in the leadership of the company to grow the business into the coming year.

    On the improved performance of the business, the Managing Director of Unilever Nigeria Plc, Mr. Tim Kleinebenne said the achievement in the year under review is reflective of a collaborative effort from all key stakeholders and improved operational performance and greater investment in our brands, supply, and distributions, to ensure we meet the needs of consumers across channels.

  • Guaranty Trust posts N509.3b profit in 3 months

    Guaranty Trust posts N509.3b profit in 3 months

    Guaranty Trust Holding Company (GTCO) Plc recorded significant growths in operations in the first quarter, with pre-tax profit rising by 587.5 per cent to N509.3 billion within the three-month period.

    Key extracts of the company’s first quarter results for the period ended March 31, 2024 showed that profit before tax jumped from N74.1 billion in first quarter 2023 to N509.3 billion in first quarter 2024. Profit after tax leapt by 685.9 per cent from N58.17 billion to N457.14 billion.

    The balance sheet of the company emerged stronger. Group’s net loan book increased by 21.9 per cent from N2.48 trillion recorded as at December 2023 to N3.02 trillion in March 2024. Deposit liabilities increased by 26 per cent from N7.55 trillion in December 2023 to N9.51 trillion in March 2024. Total assets and shareholders’ funds closed the period at N13 trillion and N2 trillion respectively. Full Impact Capital Adequacy Ratio (CAR) stood at 24.9 per cent. Asset quality was sustained as IFRS 9 stage 3 loans improved to 3.1 per cent in March 2024 from 4.2 per cent in December 2023. Cost of risk (COR) closed at 0.4 per cent from 4.5 per cent in December 2023.

    Read Also: First Lady salutes 1st Nigerian female Sandhurst graduate

    Underlying indices remained strong. Pre-tax return on equity (ROAE) stood at  117.0 per cent, pre-tax return on assets (ROAA) closed at 18 per cent. Full impact capital adequacy ratio (CAR) of 24.9 per cent and cost-to-income ratio (CIR) of 16.3 per cent.

    Group Chief Executive Officer, Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said the results reflected the success of the company’s strategies.

    “Our first quarter results reflect the unfolding value of what we have created in all our business verticals through the holding company structure – from banking and payments to funds management and pension, we are positioned to compete effectively on all fronts and fulfil all our customers’ needs under a unified, thriving financial ecosystem. Despite the challenging operating environment, we delivered a solid performance, recording significant growth across all financial and non-financial metrics, and we remain on track to meeting our full year guidance.”

    “Looking ahead, we will continue to focus on strengthening our relationships with our loyal customers, supporting not just individuals and businesses but also our communities through our well-attested free business platforms as well as innovative products and services. We are confident in our credentials to lead the future of financial services in Africa and will not relent in our commitment to excellence whilst delivering long-term value to all stakeholders,” Agbaje said.

  • Cadbury Nigeria grows sales by 43% in Q1

    Cadbury Nigeria grows sales by 43% in Q1

    Cadbury Nigeria Plc grew its sales by 43 per cent to N23.7 billion in the first quarter as the beverage and snack company reaffirmed its commitment to long-term investment in the Nigerian economy.

    Key extracts of the interim report and accounts of Cadbury Nigeria for the first quarter ended March 31, 2024 showed that turnover rose to N23.695 billion in first quarter 2024 as against N16.563 billion recorded in first quarter 2023. Operating profit however dropped by 39 per cent to N2.76 billion in first quarter of 2024 compared with N4.553 billion in first quarter 2023.

    Managing  Director, Cadbury Nigeria Plc, Oyeyimika Adeboye, said challenging business environment that all operators in the fast moving consumer group sector faced was exacerbated by foreign exchange (forex) losses and rising inflation.

    Read Also; Aircraft technical fault forces Shettima to aborts US trip

    She noted that consumer purchasing power has been significantly impacted by the high cost of living and this continues to impact demand and capacity utilisation as businesses juggle to remain in existence. Despite these challenges, Adeboye said the company remains committed to doing business in Nigeria.

    “We will continue to evolve strategies for weathering the storm,” she said. “We are here for the long haul and will do all we can to meet the needs of our stakeholders,” Adeboye said.

    Mondelēz International, which operates in more than 150 countries, holds majority equity  stake of 74.99 per cent in Cadbury Nigeria.